| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 16 June 2016 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of an indirect interest in up to 100% of the shares of C 3 Limited, which is valued at over $100 million (the “NZ Target”), through the Applicant’s acquisition of up to 100% of the shares of the NZ Target’s parent company, Asciano Holdings (General & Bulk) Pty Limited, (the “Transaction”). |
| Asset Value | $102,800,000 |
| Applicant | BAPS BidCo Pty Limited Canada Public (36.961%) United States Public (29.8179%) Qatar Investment Authority, Qatar (11.0%) GIC Private Limited, Singapore (11.0%) British Columbia Investment Management Corporation, Canada (11.0%) Various (0.2211%) |
| Vendor | Existing shareholders of Asciano Limited Australian Public (60.7%) North American Public (15.0%) Various overseas persons (10.0%) United Kingdom Public (6.5%) European Public (4.2%) Asian Public (3.6%) |
| Background | The Applicant’s largest shareholders are Brookfield Asset Management Inc. and Brookfield Infrastructure Partners L.P, which are currently involved (with co-investors) in a takeover bid for ASX-listed Asciano Limited (“Asciano”). The takeover is sought to be effected by a scheme of arrangement under the Australian Corporations Act 2001 (the “Scheme”). Prior to implementation of the Scheme, the Applicant seeks to effect the Transaction, by purchasing the bulk and automotive ports services business (“BAPS business”) of Asciano Holdings (General & Bulk) Pty Limited, from Asciano. The NZ Target sits within the BAPS business and is involved in the handling of log exports and other forestry products, warehousing for bulk cargo, as well as marshalling and stevedoring. The Transaction will not be facilitated by the takeover Scheme described above, but its completion is conditional upon successful implementation of the Scheme. The Transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Glenn Shewan Bell Gully PO Box 4199 AUCKLAND 1140 |